Short Interest in Steelcase Inc. (NYSE:SCS) Rises By 33.6%

Steelcase Inc. (NYSE:SCS) was the target of a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 1,630,000 shares, a growth of 33.6% from the February 13th total of 1,220,000 shares. Based on an average trading volume of 598,800 shares, the days-to-cover ratio is presently 2.7 days. Currently, 1.9% of the company’s shares are sold short.

Steelcase Trading Down 0.2 %

Shares of NYSE SCS traded down $0.02 during midday trading on Tuesday, reaching $10.99. 169,286 shares of the stock were exchanged, compared to its average volume of 616,216. Steelcase has a 12 month low of $10.78 and a 12 month high of $14.74. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 11.45, a P/E/G ratio of 1.25 and a beta of 1.33. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21. The business has a 50-day simple moving average of $11.68 and a two-hundred day simple moving average of $12.51.

Steelcase (NYSE:SCS) last posted its earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The firm had revenue of $794.90 million during the quarter, compared to analysts’ expectations of $796.58 million. During the same period in the previous year, the firm earned $0.30 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. As a group, equities research analysts expect that Steelcase will post 1 EPS for the current year.

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Monday, December 30th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.64%. Steelcase’s payout ratio is 41.67%.

Insider Activity

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of Steelcase stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of the sale, the vice president now owns 114,481 shares of the company’s stock, valued at approximately $1,344,006.94. The trade was a 4.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.96% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Steelcase

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SCS. Hotchkis & Wiley Capital Management LLC bought a new stake in shares of Steelcase in the third quarter valued at about $6,167,000. BNP Paribas Financial Markets lifted its stake in Steelcase by 322.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock valued at $7,720,000 after acquiring an additional 436,754 shares in the last quarter. Teacher Retirement System of Texas boosted its position in Steelcase by 109.8% during the 4th quarter. Teacher Retirement System of Texas now owns 775,177 shares of the business services provider’s stock worth $9,163,000 after acquiring an additional 405,614 shares during the last quarter. Millennium Management LLC grew its stake in shares of Steelcase by 93.6% during the 4th quarter. Millennium Management LLC now owns 694,625 shares of the business services provider’s stock worth $8,210,000 after acquiring an additional 335,889 shares in the last quarter. Finally, Brandywine Global Investment Management LLC acquired a new stake in shares of Steelcase in the fourth quarter valued at approximately $3,769,000. 92.42% of the stock is owned by institutional investors and hedge funds.

About Steelcase

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.